Taxpayers and customers suffer in banks’ equal-opportunity rip-off

ALLIED Irish Banks was exposed this week as having ripped off at least €14m since 1996 by systematically overcharging foreign exchange customers.

What was particularly disturbing about this disclosure was that it has been known for over two years, but the bank did not bother to put their hands up until somebody tipped off the Irish Financial Services Regulatory Authority a couple of weeks ago.

This is being blamed on the software system being used by the bank. Funny thing with computers while they can do the most amazing things, they can only act as programmed. So who told the computer to rip off the customers? And who did not tell the customers when they found out about the rip-off?